Kaplan Plans New Apartments Downtown As Alternative To Pricey Midtown

Rendering of the planned Generation Atlanta apartment building in Downtown Atlanta

One of Downtown Atlanta's newest apartment projects is hoping to attract renters priced out of Midtown's market.

Kaplan Residential President Morris Kaplan is spearheading an effort to develop Generation Atlanta, a 336-unit apartment community at 377 Centennial Olympic Drive, next door to the new Downtown W and EY's (formerly Ernst & Young) regional headquarters at 55 Allen Plaza. Kaplan said the project is in final cost and financing estimates.

“We're hoping that, if everything falls into place over the next two to three months, we'd like to break ground in October, November,” he said.

The $80M Generation Atlanta will be targeted toward millennials and is shooting for rents around $2.09/SF, which is higher than the average Downtown Atlanta apartment rent of about $1.60/SF, according to Haddow & Co. But as new construction, the price is lower than new apartments opening up in nearby Midtown, Kaplan said. According to Haddow, new Class-A apartments in Midtown rent for an average of $2.50/SF.

“I go back 30 years in Downtown, and I'm one of the few guys except for Post [Properties] and [late founder of H.J. Russell & Co.] Herman Russell. Nobody touched Downtown,” he said. “I think that Downtown is going to be replacing Midtown. It's not as sexy as Midtown, but it has so much to offer.”